Virgin Money Review

Review Summary: Borrowers and Lenders already in agreement about lending money? Virgin Money is the place to neatly dot the i‘s and cross the t‘s. They provide everything you need to draft promissory notes, calculate payment schedules and even service the loans.Pro: Slick Web site with very polished tools for putting a well-documented loan in place at a fraction of the cost a lawyer or escrow service may charge.Con: You won’t find people looking for someone to lend to or borrow from you here.Rating:(4 out of 5 star)

UPDATE: 11/24/2010 – It appears that Virgin Money has shut down their US operations. Read this post for alternatives: The Demise of Virgin Money US

Quick Stats:

Best social lending community for

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Borrowers and lenders that have already teamed up and want a third party to document and service their loan. Great for friends and family that are lending to each other.

Loan size

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Any Amount – Determined by Borrowers and Lenders

Loan duration

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Any Time – Determined by Borrowers and Lenders

Interest rates

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Any Amount – Determined by Borrowers and Lenders, though site provides some guidance.

Fees

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Start at $99 for a simple personal loan. Go as high as $2,299 for a full service mortgage closing with escrow.

Likes:

Virgin Money is a fantastic product for borrowers and lenders that have already decided to execute a loan. “For a fixed fee that is far less than most lawyers or escrow services will charge, you get everything you need to document and process your loan.” Virgin Money offers a nice range of options along the do-it-yourself to full-service spectrum and can go beyond personal loans to handle business loans, mortgages and student loans.

Friends and family members lending to each other can save themselves a lot of future discomfort by formally setting up their loan arrangement via Virgin Money. The site also provides an impressive array of free guides, calculators and proposal templates that are a great resource for any lending arrangement.

Dislikes:

Unlike many other social lending sites, you won’t find borrowers or lenders here. Virgin Money is mostly an execution tool for loans that have already been agreed to.

For larger and more complex lending agreements, Virgin could be a lower-cost option than retaining attorneys, but the Company does not provide customized legal or tax advice which some arrangements could substantially benefit from.

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Lend Academy has been bringing you all the news and information about peer to peer lending since 2010. Founded by Peter Renton, Lend Academy not only has the most active news site, but also the largest online forum and the first and most popular podcast in the industry.

The Lend Academy team loves peer to peer lending and our staff have all invested their own personal money in one or more of the platforms. Lend Academy Media is part of Cardinal Rose Group which also owns LendIt, the leading industry conference, and has a majority interest in NSR Invest.